Thursday, 20 October 2016

Silver little changed amid Fed rate hike bets : 20 Oct 2016

Silver futures were trading flat during evening trade in the domestic market on Thursday as rising expectation that the US Federal Reserve may raise interest rates in 2016 dimmed the lure for the precious metal as a store value.

Fed New York President William Dudley said that he sees the world’s top central bank tightening interest rates before the end of the year if the US economy remains on track.

Meanwhile, traders are eying the European Central Bank policy meet for cues on whether it extends its bond buying program slated to end next March.
At the MCX, silver futures for December 2016 contract were trading at Rs 42,228per kg, up by 0.08 per cent, after opening at Rs 42,350, against a previous close of Rs 42,194. It touched the intra-day high of Rs 42,385

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